DSW Capital strong results ahead of market expectations set at IPO and new financial year started well

DSW Capital, a fast-growing, mid-market, challenger professional services licence network and owner of the Dow Schofield Watts brand, is pleased to announce its audited results for the year ended 31 March 2022 (the “Period” or “FY22”).

The Group has delivered a strong trading performance with revenue and Adjusted Pre-Tax Profit for FY22 ahead of market expectations set at IPO. Pleasingly, Network Revenue grew significantly ahead of market expectations.

DSW Capital Board - L - R Jill Jones, James Dow, Nicole Burstow, Heather Lauder
L – R: Jill Jones, James Dow, Nicole Burstow, Heather Lauder

Financial highlights

  • Network Revenue of £18.3m (FY21: £15.3m) – up 19.6%
  • Group revenue of £2.7m (FY21: £2.4m) – up 12.5%
  • Adjusted Pre-Tax Profit of £2.0m (FY21: £1.6m) – up 25%
  • Loss before tax (after the deduction of the Share-Based Payment charge and IPO costs) of £0.03m (FY21: Profit before tax of £1.59m)
  • Strong cash conversion of 105% with £4.7m cash
  • A strong balance sheet with Net Assets of £8.0m (FY21: £2.2m)
  • Maiden final dividend per ordinary share of 4.22 pence

Operational highlights

  • Fee Earners at year-end increased to 88 (31 March 2021: 77) – up 14.3% demonstrating the profile boost from IPO and licence model negating the wider difficult recruitment market
  • The average revenue per Fee Earner of £227k (FY21: £196k) – up 15.8%
  • Service lines expanded in line with strategic objectives, with the addition of DSW Asset Based Lending Risk Management LLP in January 2022
  • Corporate finance and due diligence, which represent 70% of the business, continued to grow successfully in line with the market (FY21: 81%)
  • Named by Experian as one of the top 20 most active corporate finance advisers in the UK in 2021
  • Business recovery and debt advisory performed strongly in FY22 and, as a result, represent an increasing proportion of business
  • Two new partners welcomed in Scotland post-year end, expanding the Network’s presence to include Edinburgh and Glasgow – total number of licensees now 20 across 11 service lines


  • Significant opportunity for organic and acquisition-driven growth with capital to invest
  • Predictable cost base with low operational gearing, insulated from inflationary pressures
  • The new financial year has started well, in line with the Board’s expectations, and the Directors look forward to another year of sustainable organic growth


James Dow, Chief Executive Officer, said:

Our admission to AIM has enhanced and strengthened the Dow Schofield Watts brand, as we had expected, and the IPO “halo” effect is undoubtedly supporting our growth plans.

“The sector in which we operate is substantial and developing in a way that makes DSW’s business model increasingly attractive to ambitious entrepreneurial professionals and their clients. By empowering these individuals to create and build their own professional services businesses (while also helping them develop as leaders and be the best they can be), I am confident that we will deliver strong returns for all our stakeholders.

“Our confidence is built on the quality of our people within the Network and their clients.  This quality is reflected in the average revenue per Fee Earner achieved in the year of £227k (FY21: £196k) – an important metric, as we execute on our vision to become the most sought-after destination for ambitious professionals.

“DSW has a successful and profitable model, a strong balance sheet and an excellent capital base from which to scale the business. In a sector which is ripe with opportunity, we have every confidence in the future prospects for the Group.”


Online investor presentation

On the 14th of July, an online investor presentation and Q&A, hosted by the management team, was held. To find out more, the investor presentation deck is published here.